In a recent study released by Practical Perspectives and GDC
Research, financial advisers reported a high demand from near-retirees for
guidance on Social Security claiming decisions. The report, “Social Security
Support and Financial Advisors — Insights and Opportunities 2014” examined how
advisers typically work with clients on Social Security issues and evaluated
the types of support currently provided to financial advisers by product
manufacturers, distributors and specialized service firms.
Based on input from more than 600 financial advisers to an
online survey in May, the report found that demand for support is significant,
with roughly three in four advisers saying they are likely to seek out
additional support, content or tools related to Social Security in the next 12
months.
Despite this interest, advisers rely primarily on free
support tools from the Social Security Administration, online calculators and
general planning software, according to the survey. Only 13% of advisers use
subscription-based Social Security tools, and the majority of respondents
indicated they are reluctant to pay for support going forward.
The use of software tools and technologies vary by service
channel. Wirehouse advisers are least likely to use any software or technology
in delivering Social Security support and are least willing to pay a fee. On
the flip side, more than three in four at RIAs — 78% — are willing to pay a
fee, including 24% who are receptive to paying $500 a year or more. Independent
advisers are also more willing to pay a fee for Social Security tools, with
nearly two-thirds of them indicating they would do so.
Nearly half of advisers who participated in the survey said
they attended a presentation on Social Security at an off-site conference or
meeting. And at least one in three said they accessed other types of support in
the past year including webinars, a wholesaler presentation or a conference
call.
The majority of advisers — 62% — say clients are highly
receptive to discussions regarding Social Security. This suggests there is a
great opportunity for advisers to talk about Social Security with clients.
Click here
for the original story from Investment News.